Turkmenistan Devalues Currency 19% Amid Oil Plunge, Ruble Crisis
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Turkmenistan devalued its currency by 19 percent versus the dollar, the first depreciation in almost seven years, as slumping energy prices and the weaker Russian ruble pressure former Soviet states.
The country’s central bank weakened the manat to a 3.5 per dollar as of Jan. 1 from 2.85 previously, data on the Central Bank of Turkmenistan’s website show. That’s the first change in the currency peg since May 2008, according to data compiled by Bloomberg.